For 12 consecutive weeks now, the number of homes for sale in the Twin Cities housing market has been higher than it was a year ago, and the gap between this year’s inventory and last year’s inventory at the same time has been steadily growing. There are currently 27,784 homes for sale, up 8.1 percent from this time in 2009. Inventory is not growing due to an influx of new sellers putting their homes on the market. Rather, its growing due to a drop in buyers who once were absorbing supply.

For the week ending August 21, there were 601 signed purchase agreements, down 40.6 percent from a year ago. That’s the 15th consecutive week of significant declines compared to a year ago.

With supply growing and fewer buyers to purchase it, home sellers can expect a challenging fall and downward pressure on home values. Motivated sellers who want to move quickly may have to pursue aggressive pricing to attract buyers.

For the full market report visit

 http://www.mplsrealtor.com/downloads/market/WMAR/wmar.pdf

MAAR Weekly Market Activity Report is information from the Minneapolis Area Association of REALTORS®

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Last Chance – Deadline is September 7 to Register for a Free Educational and Networking Event – Space is Limited

On Thursday, September 16, Michael Fischer, chief marketing officer for Coldwell Banker Real Estate LLC will discuss “Understanding the Coldwell Banker Marketing Strategy.” In addition, Michael Ferrara, nationally acclaimed keynote speaker, will cover “Real Estate, The Next Generation.”  You’ll learn the key insights necessary to evolve and succeed in a totally modern marketplace.   Click here for additional information and registration form

Coldwell Banker Burnet’s Fall Waterfront Home Tour - Sunday, October 3 from 1 to 5 p.m.- Registration Deadline is  September 17, 2010

Eligible properties are lakeshore, river frontage and deeded access – no price parameters. Lots are also eligible with an agent present. The tour will be promoted broadly throughout the Twin Cities in the Star Tribune on September 26 and October 3, Startribune.com on October 3 and on CBBurnet.com.  At your option, you can advertise in the Lakeshore Weekly and/or the Laker/Pioneer.  Click here for more information and to register your waterfront property. 

Added Features Allow You to Further Customize Your Personal Branding on CBBurnet.com

In order to serve our site visitors:

• We have added the option to have a personalized Listingbook link appear on your CBBurnet.com agent profile page and your personal branded version of CBBurnet.com. 
• We have added the option for you to display personalized social media links on your personal branded version of CBBurnet.com.
• You can now “turn off” the company social media links on your personally branded version of CBBurnet.com to give more visibility to your personal social media links.
• A down payment resource icon will now appear on each listing where down payment assistance is available. 

Click here to see examples

Effective September 1, Use Updated MNAR Purchase Agreement and Finance Addendums Forms which are on Toolbox.

Important: RESPA Changes Effective September 1, 2010  Read More

Coldwell Banker Burnet Announces Top Sellers for July 2010  Read More

Coldwell Banker Burnet Announces Top Listers for July 2010  Read More

Coldwell Banker Burnet Announces Rookie of the Month – July 2010  Read More

A Field Guide to Using Facebook Places  Read More

No-Sweat Techniques to Build Your E-mail Marketing Contact List  Read More

New PR Request Form – Submit Your Public Relations Suggestions Online  Read More

Coldwell Banker Home Protection Plan July Year-to-Date Claims Paid  Read More

MAAR’s Weekly Market Activity Report –  Drop in Buyers Read More

Coldwell Banker University Classes - A great way to stay up to date on the changing housing market and to earn CE credits.
Take advantage of this resource. To see a list of all Coldwell Banker University classes  Read More

A Coldwell Banker nationwide survey of homeowners who are parents revealed that 72% choose to live within 30 minutes of extended family members – and close to half (42 %) live less than 10 minutes away. The survey also uncovered that most parents (65%) planned ahead and purchased their first home before getting pregnant or within one year of their child’s birth.

“Our survey confirms that people buy and sell houses around life’s most important milestones, which includes welcoming a family’s first child,” said Diann Patton, a Coldwell Banker real estate consumer specialist.  “Not only are parents planning ahead when it comes to buying a home, they are very excited to live near relatives who will help along the way.”

September 1, 2010

“Heart of Hope” Wine Tasting Event at Grainbelt Brewery Building to support the Sojourner Project, an advocate and shelter for local women and children in abusive situations- September 16.  This is a group that the Coldwell Banker Burnet Minnetonka/Excelsior office supports.  Click here for information.

If you are participating in a fundraising/charitable event that you would like to promote in this space, please send a brief description of your event to Lana Simon at lana.simon@cbexchange.com.

Added Features Allow You to Further Customize Your Personal Branding on CBBurnet.com

In order to serve our site visitors:

• We have added the option to have a personalized Listingbook link appear on your CBBurnet.com agent profile page and your personal branded version of CBBurnet.com. 
• We have added the option for you to display personalized social media links on your personal branded version of CBBurnet.com.
• You can now “turn off” the company social media links on your personally branded version of CBBurnet.com to give more visibility to your personal social media links.
• A down payment resource icon will now appear on each listing where down payment assistance is available. 

Click here to see examples

Coldwell Banker Burnet’s Fall Waterfront Home Tour - Sunday, October 3 from 1 to 5 p.m.- Registration Deadline is  September 17, 2010

Eligible properties are lakeshore, river frontage and deeded access – no price parameters. Lots are also eligible with an agent present. The tour will be promoted broadly throughout the Twin Cities in the Star Tribune on September 26 and October 3, Startribune.com on October 3 and on CBBurnet.com.  At your option, you can advertise in the Lakeshore Weekly and/or the Laker/Pioneer.  Click here for more information and to register your waterfront property. 

Register Now for a Free Educational and Networking Event – Space is Limited

On Thursday, September 16, Michael Fischer, chief marketing officer for Coldwell Banker Real Estate LLC will discuss “Understanding the Coldwell Banker Marketing Strategy.” In addition, Michael Ferrara, nationally acclaimed keynote speaker, will cover “Real Estate, The Next Generation.”  You’ll learn the key insights necessary to evolve and succeed in a totally modern marketplace.   Click here for additional information and registration form

Important: RESPA Changes Effective September 1, 2010  Read More

New PR Request Form – Submit Your Public Relations Suggestions Online  Read More

Coldwell Banker Burnet Announces Top Sellers for July 2010  Read More

Coldwell Banker Burnet Announces Top Listers for July 2010  Read More

Coldwell Banker Burnet Announces Rookie of the Month – July 2010  Read More

A Field Guide to Using Facebook Places  Read More

MAAR August Housing Supply Outlook  Read More

People & Offices in the News  Read More

Coldwell Banker Home Protection Plan July Year-to-Date Claims Paid  Read More

LeadRouter Electronic Signature Required for Drip Campaign Success - In order to use the LeadRouter drip campaign system, your email signature must first be set-up. To learn how easy it is, watch this short video which walks you through the simple steps of setting up an e-signature  Click here for video

MAAR’s Weekly Market Activity Report – Summer of lows  Read More

August LeadRouter Training Schedule  Read More

How to Sell at Least One Home Per Month from the Internet  Read More

“Low rates are helping to heal many battered local housing markets by increasing home-purchase activity. The National Association of Realtors^® reported that 65% of the 155 metropolitan areas they track experienced yearly increases in the second quarter of this year. This compares to 60% of areas in the first quarter and only 44% in the fourth quarter of 2009,” said Frank Nothaft, vice president and chief economist, Freddie Mac.

– “30-Year, 15-Year Fixed-Rate Mortgages Drop Again,” by Freddie Mac, Aug. 12, 2010.

Coldwell Banker University Announces Upcoming Classes
Coldwell Banker University announced that it will hold the following classes. Coldwell Banker University classes are a great way to stay up to date on the changing housing market and to earn your CE credits. Read More

“Heart of Hope” Wine Tasting Event at Grainbelt Brewery Building to support the Sojourner Project, an advocate and shelter for local women and children in abusive situations- September 16.  This is a group that the Coldwell Banker Burnet Minnetonka/Excelsior office supports.  Click here for information.

If you are participating in a fundraising/charitable event that you would like to promote in this space, please send a brief description of your event to Lana Simon at lana.simon@cbexchange.com.

• We have added the option to have a personalized Listingbook link appear on your CBBurnet.com agent profile page and your personal branded version of CBBurnet.com. 

  

   

• We have added the option for you to display personalized social media links on your personal branded version of CBBurnet.com.
• You can now “turn off” the company social media links on your personal branded version of CBBurnet.com to give more visibility to your personal social media links.

A down payment resource Icon will now appear on each listing where down payment assistance is available. 

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For the month of July, American Home Shield (AHS) Home Warranty Administrators of the Coldwell Banker Home Protection Plan paid $53,293 on 179 claims to CB Burnet valued clients. YTD, AHS has paid $233,501 on 1095 claims. Please click here to view the claims paid by office.

Check out AHS’s two informational interactive websites www.ahsflexplan.com and www.ahsservicedifference.com.

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The Twin Cities Housing market has seen some impressive highs and puzzling lows this year. Unfortunately, the lows have persisted through summer, despite low interest rates and a diverse and affordable housing stock.

Although New Listings are about where they were last year (near 1,600), Pending Sales remain as low as they’ve been all summer. The week ending August 14 bore just 631 signed purchase agreements, down 38.5 percent compared to last year. The three-month total for pendings is 8,018 compared to 13,830 last year, which is an even heftier decline of 42.0 percent.

Active Listings are up to 27,784, 8.1 percent more than last year. Growing inventory is not the result of too many homes coming on the market but rather a product of not enough homes going off the market. With Months Supply of Inventory now at 7.8, it still remains a buyer’s market out there.

For the full market report visit

 http://www.mplsrealtor.com/downloads/market/WMAR/wmar.pdf

MAAR Weekly Market Activity Report is information from the Minneapolis Area Association of REALTORS®

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The new RESPA changes that took effect this year deal with “bundling” of charges for Buyers that show up and are included in the Good Faith Estimate (“GFE”) and listed on the HUD-1 Settlement Statement. Minnesota has historically had certain charges that were normally and customarily charged respectively to buyers and sellers and listed on the HUD-1. Many of these charges don’t even exist under the new RESPA regulations and are required to be bundled in a “Title Service Charges” section of the GFE and on the HUD-1.

The MNAR forms committee has revised the Purchase Agreement to address these changes. They sought input from the Title Insurance Industry and the State Bar Association.

There has been a contractual shifting of some costs that were historically listed as seller’s expenses, that are now “bundled” into the charges allocated to buyers.

It is still allowable for a seller to pay for some or all of these items, but this must be handled as a “Seller Contribution”. The previous “Financing Addendum Seller’s Contributions to Closing Costs and Discount Points” has been modified slightly and is now just called, “Seller’s Contributions to Buyer’s Costs Addendum”. 

NOTE: This form will now be used whenever there is a Seller contribution negotiated on behalf of the buyer, not just in financing situations and the maximum lender allowed Seller contribution limitations will still apply.

The Minnesota Real Estate Industry ( Real Estate Brokers, Title Service Providers and Lenders) need to adapt to these changes as required by RESPA and we suspect there may be future changes, especially in light of impending changes in the Truth in Lending Regulations coming soon. Open communication with your Title Service and Loan providers is now crucial to ensure that the charges listed in the GFE’s are as accurate as possible.

Additionally, the new MNAR Purchase Agreement (eff. 9/1/10) now has a Home Warranty section in Lines 180-185, so our “added section” that was added to the bottom of page 4 previously is now deleted.

Click here for FAQ’s

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Back to Home

 Register Now for a Free Educational and Networking Event – Space is Limited

On Thursday, September 16, Michael Fischer, chief marketing officer for Coldwell Banker Real Estate LLC will discuss “Understanding the Coldwell Banker Marketing Strategy.” In addition, Michael Ferrara, nationally acclaimed keynote speaker, will cover “Real Estate, The Next Generation.”  You’ll learn the key insights necessary to evolve and succeed in a totally modern marketplace.   Click here for additional information and registration form

Save the Date Coldwell Banker Burnet’s Fall Waterfront Home Tour - Sunday, October 3 from 1 to 5 p.m.- Registration Deadline is September 17, 2010

Eligible properties are lakeshore, river frontage and deeded access – no price parameters. Lots are also eligible with an agent present. The tour will be promoted broadly throughout the Twin Cities in the Star Tribune on September 26 and October 3, Startribune.com on October 3 and on CBBurnet.com.  At your option, you can advertise in the Lakeshore Weekly and/or the Laker/Pioneer.  Click here for more information and to register your waterfront property. 

People & Offices in the News

Congratulations to Dave Philp, Chaska, for being named one of the ten finalists in REALTOR Magazine’s prestigious Good Neighbor Awards; Burnet Title donates more than 350 School Supplies and Kathleen Hoiseth, Eden Prairie, fundraises for her hometown library. Read More

LeadRouter Electronic Signature Required for Drip Campaign Success - In order to use the LeadRouter drip campaign system, your email signature must first be set-up. To learn how easy it is, watch this short video which walks you through the simple steps of setting up an e-signature  Click here for video

Realtor.com is updating their site.  More focus on Realtors  Read More  

July 2010 Real Estate Stats for the Twin Cities  Read More

MAAR’s Weekly Market Activity Report – Inventory Up  Read More

August LeadRouter Training Schedule  Read More

“Why Buy Now” Flyer and Whitepaper Now Available on Toolbox - A great way to inform your buyers of today’s ownership opportunities.  Each can be found on Toolbox/Marketing Solutions/Market Information  Click here for Toolbox

New App Allows Agents to Add Listings on LinkedIn  Read More

It Pays to Send in Outmarket Referrals: Outgoing Referral Update for July  Read More

How to Sell at Least One Home Per Month from the Internet  Read More

Social Benefits of Housing

Recent research from the National Association of Realtors (NAR) outlines the importance of homeownership’s relationship with the economy, but of the social benefits it provides.

NAR reports, "The economic benefits of the housing market and homeownership are immense and well documented. The housing sector directly accounted for approximately 14 percent of total economic activity in 2009."  In terms of education, in the study, “Measuring the Benefits of Homeowning: Effects on Children,” there have been significant findings that homeownership has a strong positive effect on educational achievement.  The NAR report goes even further to show that "the average child of homeowners is significantly more likely to achieve a higher level of education and, thereby, a higher level of earnings."

Realty Times, August 19, 2010

Coldwell Banker University Announces Upcoming Classes
Coldwell Banker University announced that it will hold the following classes. Coldwell Banker University classes are a great way to stay up to date on the changing housing market and to earn your CE credits. Read More

“Heart of Hope” Wine Tasting Event at Grainbelt Brewery Building to support the Sojourner Project, an advocate and shelter for local women and children in abusive situations- September 16.  This is a group that the Coldwell Banker Burnet Minnetonka/Excelsior office supports.  Click here for information.

If you are participating in a fundraising/charitable event that you would like to promote in this space, please send a brief description of your event to Lana Simon at lana.simon@cbexchange.com.

For the week ending August 7, we didn’t stray from the post-tax credit trends in the Twin Cities housing market. Pending sales remained entrenched in a holding pattern around 600 per week, continually underperforming last year’s activity. The 659 purchase agreements signed were 36.5 percent below 2009 figures.

Weak sales means rising inventory. There are 27,664 homes available for sale, up 7.4 percent from a year ago. In August, there will be 8.64 homes available per buyer, up dramatically from the mark of 5.28 seen a year ago.

For now, Days on Market continues to drop slightly from last year, down 6.8 percent from a year ago to 127, but Percent of Original List Price Received at Sale for July 2010 declined from a year ago for the first time in several years, an indication that home prices will remain soft in the months ahead.

For the full market report visit

http://www.mplsrealtor.com/downloads/market/WMAR/wmar.pdf

MAAR Weekly Market Activity Report is information from the Minneapolis Area Association of REALTORS®

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